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Vendors unpaid as pitfalls impeded Illinois' path to stability

from Bloomberg

Ron Ford knows that Illinois, the state with the worst credit rating in the U.S., will have returned to financial health when he and about 19,000 other vendors get paid the combined $8.8 billion owed them. That day won’t come soon. Legislators this month approved a $160 billion pension restructuring bill that has investors looking less critically at the nation’s fifth-most-populous state. Still, Illinois’s path to financial recovery resembles the board game “Chutes and Ladders,” strewn with pitfalls that could undo progress. more

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